Historic funding comes after Cortez Masto’s successful efforts to secure funding for Nevada from the Federal Home Loan Bank of San Francisco
Washington, D.C. – U.S. Senator Cortez Masto (D-Nev.) announced that the Federal Home Loan Bank of San Francisco will deliver $4.8 million to organizations across Nevada to build more affordable housing, including a historic investment for the Washoe Tribe. Cortez Masto was instrumental in securing this funding, calling out the FHLBanks for not providing Nevada its fair share of investments over the years and pushing for Nevada to get more funding through grants and low-cost loans. In response to pressure from Cortez Masto, the FHLBank-SF agreed to create a state-specific targeted fund for Nevada to help build more affordable housing and to support down payment assistance.
“With housing prices and rents continuing to rise, we need to be building more affordable housing and making sure every Nevadan can access a safe place to live. The Federal Home Loan Banks have a responsibility to meet the housing and community development needs in their region, and it was clear to me that the FHLBank-SF had neglected Nevada. I fought to make sure we got our fair share of support, and this funding I secured is the largest private grant for affordable housing Nevada has had in recent memory,” said Senator Cortez Masto. “I will continue to make sure our state has the support we need to help more Nevada families buy homes and expand Nevada’s supply of affordable housing.”
Before Cortez Masto made investments from the FHLB-SF a priority, Nevada received much less than its share of the population or housing need. Today’s $4.8 million Affordable Housing Program targeted fund for Nevada will support:
- New affordable homes on Washoe Tribal Trust Land near Carson City in collaboration with Washoe Housing Authority.
- The construction of Orovada Street Senior Apartments in Reno.
- Phase 1 of the Golden Rule Senior Apartments in Las Vegas in collaboration with Neighborhood Housing Services of Southern Nevada.
- New affordable apartments in Pioche in collaboration with Nevada Rural Housing Authority.
- The construction of Rome South 2 Senior Apartments in North Las Vegas in collaboration with Nevada H.A.N.D.
- Rehabilitation of Hullum Homes, a public housing development in Las Vegas in collaboration with the Southern Nevada Regional Housing Authority.
Senator Cortez Masto has been a leader in the fight to lower housing costs and keep Nevadans in their homes. As Attorney General, she led the fight to hold Big Banks accountable for the foreclosure crisis, delivering $1.9 billion to homeowners in Nevada. In the Senate, she is a reliable champion of affordable housing, including leading the Affordable Housing Bond Enhancement Act and the HOME Reauthorization Act to help more families afford homes. She is also a sponsor of the Affordable Housing Credit Improvement Act and the Neighborhood Homes Investment Act to help build more affordable housing across the country. She has secured more than $600 million for affordable housing in the state, helping build and preserve more than 14,000 new affordable housing units.